The Financial Accounting Standards Board has launched a new Web portal for nonpublic entities as the board tries to retain its role as the standard-setter for private company accounting.
The portal is designed to make the latest information about FASB activities focused on private companies and not-for-profit organizations easily accessible to stakeholders.
“Our launch of the Nonpublic Entities web portal is the latest in the series of changes in staffing, processes, communication, and outreach efforts that the FASB has been making to better serve the private company and not-for-profit sectors,” said FASB member Daryl Buck. “This portal will help those constituents more easily find and stay informed about the FASB’s activities involving those sectors.”
Buck joined the newly expanded seven-member board earlier this year as FASB faced challenges to its control over standard-setting for privately held companies. He comes from the private company world as senior vice president and CFO of the grocery retailer Reasor’s Holding Company.
A report from a Blue-Ribbon Panel recommended in January that FASB’s parent organization, the Financial Accounting Foundation, should establish a separate board for private companies, and the FAF has set up a working group to study the proposals (see Blue-Ribbon Panel Recommends Private Company Board).
The new Web portal serves as a clearinghouse for information, resources, and links related to FASB projects of relevance to nonpublic entity stakeholders. It includes updates on recent decisions on FASB projects, as well as updates on upcoming meetings, outreach efforts, nonpublic entity webcasts, and recent meeting minutes.
In addition to offering “one-stop shopping” for FASB activities in the nonpublic entity arena, the web portal also links users directly to information about the Financial Accounting Foundation initiative on nonpublic entities. This includes links to information about the progress made by the FAF Trustee Working Group on its initiative to improve financial reporting for nonpublic entities in response to the Blue-Ribbon Panel report recommendations.
The FASB nonpublic entities portal can be accessed at www.fasb.org.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access